Massive USD 10 billion growth predicted for storage market

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The latest research report on the video surveillance storage market shows the global forecast will reach USD 17.5 billion by 2024 from USD 7.6 billion in 2019, at a CAGR of 18.1% during 2019–2024. The factors driving the market growth, according to researchers, Marketsandmarkets, are the adoption of IP cameras and demand for video surveillance and its storage to secure public places. On the other hand, the low awareness of the availability of storage technologies and systems may restrain the market growth.

The VSS market study covers different verticals, including government and defense, education, Banking, Financial Services, and Insurance (BFSI) , transportation and logistics, healthcare and pharmaceutical, manufacturing, media and entertainment, retail, and others (IT and telecommunications, legal, and construction). These verticals are expected to witness the high adoption of VSS solutions to achieve various benefits, including increased employee efficiency, reduced crime rate, and secured public places. Among these verticals, the transportation and logistics vertical is expected to hold the largest market size during the forecast period. It is investing a huge amount in installing video surveillance systems for monitoring traffic, preventing accidents, and conducting accidental investigation.

Based on applications, the VSS market has been segmented into commercial, defence/military, city surveillance, and industrial. The city surveillance segment is expected to hold the largest market size and highest growth rate. The city surveillance application helps in monitoring traffic and securing airports, seaports, stadiums, and theatres and these areas generally demand systems with huge storage capacity.

Asia Pacific (APAC) is expected to hold the largest market size in the global VSS market. There is a rise in competition in the VSS market, due to the increasing number of smart cities in the countries such as India and China demanding video surveillance storage systems to monitor and analyse public places for security purposes. The governments of Japan, Australia, India, South Korea, New Zealand, and Singapore are investing in smart city projects for monitoring traffic, and protecting their citizens and public places. Due to these contributions to the VSS market, APAC is expected to witness strong growth.

The Marketsandmarkets VSS market report provides the competitive landscape and company profiles of key vendors. Major vendors named in the global VSS market by the analysts include Cisco, Hitachi, Dell, Honeywell, Avigilon, Netapp, Bosch, Seagate, Quantum, and Schneider Electric.


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